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AP writer David Pitt reported on Friday that, “A mild summer across much of the nation’s heartland has provided optimum growing conditions for the nation’s corn and soybean crops. Pair that with high-yield seeds and other new farming technologies, and the U.S. is looking at busting records come harvest time.

“The U.S. Department of Agriculture already has predicted a record soybean crop of 3.8 billion bushels. And the corn crop, it said in July, would be large but not bigger than last year’s record of 13.9 billion bushels. However, many market analysts and some farmers expect the USDA to revise expectations upward in a report based on field surveys that’s due out Tuesday.”

The article noted that, “‘Illinois has largely been dealt to date pretty close to a royal flush on weather and I’m sure that the yields are going to be very high here,’ said Scott Irwin, a University of Illinois professor of agricultural and consumer economics.

“The expected large harvest has driven corn and soybean prices significantly lower, but it isn’t expected to make much of a short-time difference in consumer food prices. However, since the grains are staples in livestock feed, lower prices could eventually lead to a decline in the cost of beef, pork, chicken and milk.”

Recall that back on April 30, the House Agriculture Committee held a field hearing in Des Moines, Iowa to review U.S. agriculture policy as the Committee begins the process of considering the 2012 Farm Bill.

An UNOFFICIAL transcript of this hearing has been posted at FarmPolicy.com and is available here.

Likewise, last Tuesday, the House Ag Committee held a field hearing in Sioux Falls, South Dakota in preparation for the 2012 Farm Bill.

An UNOFFICIAL transcript of this hearing has been posted at FarmPolicy.com and is available here.

Meanwhile, a brief FarmPolicy.com recap of all of the House Ag Committee Farm Bill hearings is available here.

“South Dakota Farmers Union president Doug Somke, who raises grain and beef near Conde, asked the panel to keep crop insurance supported at current levels when Congress writes the next farm bill in 2012.

“‘Farmers have grown to use it as a marketing tool,’ Somke said. ‘And bankers have come to use it as well.’”

The article noted that, “‘I thought we had good testimony from a very broad range of agricultural interests,’ said U.S. Rep. Randy Neugebauer, R-Texas. ‘It’s important to come out here where agriculture is actually happening.’

“The select 13 witnesses submitted written testimonies to the committee and gave five-minute presentations regarding what has and has not been effective for their industries in the current farm bill. The most popular issues mentioned were crop insurance, international trade, environmental challenges and conservation programs.”

“Most favored the USDA direct and counter-cyclical programs and marketing loan programs under the 2008 bill, which assisted in increasing production input costs and financial stability. Those same individuals cited problems with payment limitations, eligibility standards and complex application processes for some of USDA’s farm and conservation programs.”

Today’s article added that, “‘My intention is to get this bill out of the house by December of 2011 and try to get this bill done on time,’ [Chairman Collin Peterson, D-Minn] said.”

Janet Kubat Willette reported yesterday at AgriNews Online (Rochester, Minn) on comments made by House Agriculture Committee Chairman Collin Peterson (D-Minn.) at the FarmFest gathering that took place last week in Minnesota.

“Rep. Collin Peterson, D-7th District, said this Congressional session has been like drinking out of a fire hydrant,” the article said, adding that, “Once the farm bill passed, the chairman of the House agriculture committee wanted to focus on the ag department.”

“The department review was pushed onto the back burner by pressing issues caused by the collapse of the financial markets. Peterson, an accountant by training, devoted his time to studying credit default swaps and derivatives. He and Rep. Barney Frank are in 95 percent agreement on a bill to regulate Wall Street, Peterson said.”

David Dodds reported earlier this week at the Grand Forks Herald (North Dakota) Online that, “Rep. Collin Peterson, D-Minn., told a roomful of farmers and other interested people Monday that he won’t support an extension of the current farm bill if Congress can’t finalize a new one.”

The article stated that, “‘We got our bill done on time like we said we would, and the Senate is doing what it does best – milling around,’ Peterson said.

The N.A.S.S. report indicated that, “The preliminary All Farm Products Index of Prices Received by Farmers in December, at 121 percent, based on 1990-92=100, increased 1 point (0.8 percent) from November. The Crop Index is up 6 points (4.9 percent) but the Livestock Index decreased 3 points (2.6 percent). Producers received higher commodity prices for lettuce, corn, grapes, and broccoli. Lower prices were received for turkeys, cattle, hogs, and tomatoes.”

More specifically, N.A.S.S. estimated that, “The December all wheat price, at $4.59 per bushel, is unchanged from November but $1.06 above December 2005…The corn price, at $3.01 per bushel, is up 14 cents from last month and $1.09 above December 2005…The soybean price, at $6.14 per bushel, increased 7 cents from November and is 36 cents above December 2005.”